Selection criteria updates in an asset recovery workflow

ABSTRACT

Selection criteria updates are described in an asset recovery workflow. In one example, a description of a physical asset that is to be recovered for lack of payment is received. The description is applied to a pre-defined set of criteria to select a recovery agent to recover the physical asset. The candidate recovery agents have values assigned to the criteria, such as location, recovery rate, and time to recover. Recovery status information is received as to whether the asset has been recovered by the selected agent. A recovery rate value for the selected recovery agent is then updated using the recovery status information.

FIELD

The present description relates to the field of asset recovery and inparticular to a system to update criteria for selection of agents in arecovery workflow.

BACKGROUND

Loans and leases are a key part of making new and used automobilesaffordable and immediately available to people from all walks of life.These financing models are also applied to many other types of physicalassets from recreational vehicles and boats to furniture and jewelry. Inmany of these loans and leases, the capital provided by the lender orlessor to buy the asset is secured by the actual physical asset. In theevent that the purchaser is no longer willing or able to make theoutstanding payments on the loan or the lease, then the lender or lesseeis able to exercise this security interest and take possession of thephysical asset that secured the loan or the lease. The lender or lessorwill then typically sell the asset to recover at least a portion of thelost capital. While the lender or lessor can simply ask the debtor toreturn the physical asset, in many cases the lender or lessor will hirea repossession agent to help with the return.

In the automotive recovery industry, many lenders have a staff assignedto manage the process of recovering on bad debt when buyers stop paying.This staff notifies the buyer when payments have been missed, selectsrepossession agents to locate and take back automobiles, and selectsvenues to resell the automobiles to other buyers or to resellers. Therecovery industry includes repossession agents to actually find andrepossess the automobiles, forwarders who aggregate groups ofrepossession agents and forward cases to the agents, remarketing agentsto market repossessed automobiles to different buyers, auction houses tosell the automobiles, and other players.

Different types of lenders use different types of agents for differentparts of the process. For dealer financing, a repossessed automobile maybe resold by the same dealer. For manufacturer financing, a repossessedautomobile may be placed back into the manufacturer's dealer network forsale. For bank financing, a repossessed automobile may be sold at adealer or a consumer auction that is operated by the bank or by aseparate auction house. In some cases, the recovered automobile may bein such a condition that it is handed over to a remarketer for sale,sold by another type of dealer, or sold for parts. While some lendersmay have an established network of agents for typical cases, when arepossessed automobile is not typical due to its type or condition orbecause it has been recovered in a faraway place, then the establishednetwork may no longer be sufficient. A lender's regular asset recoveryand marketing agents may no longer be the best choice.

SUMMARY

Selection criteria updates are described in an asset recovery workflow.In one example, a description of a physical asset that is to berecovered for lack of payment is received. The description is applied toa pre-defined set of criteria to select a recovery agent to recover thephysical asset. The candidate recovery agents have values assigned tothe criteria, such as location, recovery rate, and time to recover.Recovery status information is received as to whether the asset has beenrecovered by the selected agent. A recovery rate value for the selectedrecovery agent is then updated using the recovery status information.

DETAILED DESCRIPTION OF THE DRAWING FIGURES

The appended claims set forth the features of the invention withparticularity. The present invention is illustrated by way of example,and not by way of limitation, in the figures of the accompanyingdrawings in which like reference numerals refer to similar elements.

FIG. 1 is a diagram of interactions between parties to a recoveryworkflow as applied to the described embodiments.

FIG. 2 is a diagram of an asset recovery workflow according toembodiments.

FIG. 3 is process flow diagram of a selection of a recovery agentaccording to embodiments.

FIG. 4 is process flow diagram of a selection of a remarketing agentaccording to embodiments.

FIG. 5 is a process flow diagram of selecting an agent or auction housein FIGS. 3 and 4 according to embodiments.

FIG. 6 is a block diagram of a computer system upon which embodimentsmay be implemented,

FIG. 7 is a diagram of an AI engine suitable for use with embodiments.

FIG. 8 is a diagram of a remote graphical user interface for requesterselections according to embodiments.

FIG. 9 is a diagram of a remote graphical user interface for requesterparameter settings according to embodiments.

DETAILED DESCRIPTION

By using intelligent automatic selection of repossession or recoveryagents, remarketing agents, and auctions the described system is muchmore efficient, reliable, and effective at returning assets and proceedsagainst deficient loans. Techniques are described herein that usecriteria about the physical asset, the asset's location, and the timingof the recovery and sale. Criteria about the various agents in theprocess are also used to select agents throughout the process. Some ofthe agent criteria include real time performance, pricing, efficiencyand load. Other criteria may be used as appropriate for different assetsand different types of agents.

In addition to information about assets and agents, customer preferencesmay also be used to fine tune selections and process parameters.Additional workflows may also be applied such as reassigning a vehicleafter ten days to a new agent or to a forwarder. As new data becomesavailable such as the actual location of an asset, this may be appliedto find an agent closer to the vehicle.

Instead of manually selecting the best agents, forwarders andremarketers, lenders and agent managers can receive automatic selectionsbased on better information. Finding the right agents to maximize thereturn on bad loans is difficult and prone to errors. The difficultiespersist through the entire recovery and remarketing workflow. Eachperson making these decisions is likely at times to apply uncertain orerroneous subjective factors. The decisions are often made in isolationand do not incorporate the entire workflow from finding the asset toliquidation. The described system takes into account the latest data andagent performance. It also accommodates subtleties that a human may notunderstand or perceive as part of the selection process. While thepresent description is primarily in the context of automobiles, itapplies in the same way to other mobile and portable assets that aresubject to repossession. This includes other types of vehicles as wellas other movable and portable physical property, such as jewelry,furniture, and other valuables.

FIG. 1 is a diagram of interactions between parties to a recoveryworkflow as applied to the described embodiments. A lender or lessor 102is at the center of the transactions and interacts with all of theparties. The interactions begin with a manufacturer 104 that produces orfinishes the asset. The asset is provided, perhaps throughintermediaries to a seller or dealer 106 that sells the asset to a buyer108. The lender may be sponsored or approved by the manufacturer or maybe a division or related company with the manufacturer or instead withthe seller. The buyer establishes a loan or lease relationship with thelender.

Upon default, a forwarder 110 upon request of the lender 102 contacts arepossessor 112 which recovers the asset. The asset is then assessed 114and given over to a reseller 116 or to a seller 106. The assessment ofthe vehicle often takes place in two steps. Any or all of theassessments may be processed by the system. There is often an initialassessment from the repossessor 112 who provides a condition report withpictures. There is also a more detailed assessment when the car anauction. This is then used to set a final floor price of the asset.There are also separate third party assessment firms 114 as well thatmay be used to determine a floor price or an appropriate reseller. Thereseller may provide the asset to an auction 118 or sell it directly.All of these different parties have interactions with the lender and thelender tracks the progress of the asset through all of these parties. Insome cases, there may be fewer parties but in other cases there may bemore parties.

The transactions are all improved and automated with the use of a serversystem or other type of computing system 100 in the center of theinteractions. In some cases, the server system performs operations onbehalf of or instead of the lender. The server system allows any one ormore of the parties to the transaction interact remotely with it. Inother cases, the system acts on behalf of another party to theinteractions as explained in more detail below. In addition, theoperation of the system 100 may be enhanced with an integrated orexternal AI Engine 120. The AI engine evaluates criteria and results toimprove the selection process based on past experience developed overtime with similar lenders, assets, locations, and other factors.

FIG. 2 is a diagram of an asset recovery workflow. For purposes of thisexample among others, the description is given from the perspective of alender that loans money to a debtor with which the debtor purchases anautomobile. The lender secures the loan with the automobile. The sameexamples, systems, and techniques also apply to a lessor that leases anautomobile to a lessee in exchange for a periodic payment but in whichthe lessor owns the automobile. The same examples, systems, andtechniques may also be applied to other types of transactions withautomobiles and other physical assets. The lender is described asindependent of the other parties but may instead be a part of or actingwith another party. The physical asset is described as an automobile butmay be any other physical asset that can be repossessed and resold.

The process flow begins with a default in a loan, lease, or other typeof transaction. This is typically a missed payment or two. However,there may also be other types of failures by the debtor or buyer, suchas a failure in insurance, in a license, or damage to the automobile.Upon default, or even before any default, a description of the asset isloaded into the system at 204. The description may include anidentification of the automobile, such as year, make, model, andidentification number, the current or last known location of theautomobile, the type of loan or placement, the number of agents thathave already tried to find the automobile, information about the lenderand the debtor, and any other suitable or helpful criteria. The assetdescription may include the type of payment, or loan, such as low yield,subprime, fleet, corporate, lease, etc.

This information is typically provided by the lender, although there maybe a recovery service that acts on behalf of the lender. This list ofdescriptive information is provided as an example, more or fewer itemsand types of information may be used. An estimate of the value of theasset can also be determined by the lender and provided to the system.The operation and structures described herein are suitable for manydifferent types of lenders including captive lenders, such as thoseowned by a manufacturer, prime lenders, subprime lenders, and titlelenders. Some lenders may span more than one category. Using thedescribed system selections and assignments may be tailored to suit anyone or more of these types of lenders.

In addition to a description of the loan and the automobile, the lendermay also enter certain preferences, such as preferred recovery agents,preferences for certain characteristics of loan agents and other typesof preferences.

With a description of the asset and the loan loaded, the system is ableto select a recovery agent at 206. The recovery agent may be a forwarderthat forwards the case but does not repossess the automobile directly orthe recovery agent may be a person or group that will directly repossessthe automobile. At 208 the case is assigned to the selected recoveryagent by sending an order or request to that agent. Using an automatedsystem, the assignment may be done directly by a computing or serversystem using current information about the selected agent and usingasset information that was just loaded.

Upon receiving the assignment, the selected agent will attempt torecover the automobile. This may involve simply going to the receivedasset location and retrieving the automobile from the debtor. In somecases, there may be additional effort to find the automobile and toobtain possession. In some cases, the recovery agent may not be able torecover the automobile because it cannot be found or because it has beenmoved to a faraway location. The system will monitor the progress of therecovery agent and determine whether the asset has been recovered at210.

If the agent has not succeeded in recovering the asset at 210, then theautomobile may be reassigned. At 206 a new recovery agent is selected.The case is withdrawn from the unsuccessful agent and forwarded at 208to a different agent. The new agent may then also be monitored. Thereassignment may occur because the original agent is too busy, does nothave the needed tools or for any other reason. In some cases, theautomobile has been moved and is now far from the agent. Another agentcloser to the automobile will be able to recover the automobile moreeasily.

If the agent has succeeded in recovering the asset at 210, then theasset is passed to a remarketing agent at 212. As examples, theautomobile may be remarketed by auction at 214 or by direct sale to adealer. There may be other remarketing possibilities as well that arenot shown here for simplicity.

After an appropriate auction house is selected at 214, the auctionassignment is forwarded to the selected auction house at 216 with theappropriate information describing the automobile. The assignment mayalso be forwarded to the recovery agent so that the recovery agent cantransfer the automobile to the auction house. After assigning theautomobile, if it is sold, then at 220 the sale is reported to thesystem. System records are updated and the funds are transferred fromthe auction house to the lender. On the other hand, if the automobile isnot sold at 218, then it may be reassigned to a different auction houseat 214. This workflow is provided as a general overview and context forthe description below. There may be many other operations and otheragents involved, depending on the particular asset and the lender.

FIG. 3 is process flow diagram of a selection of a recovery agent thatis executed by the system 100 of FIG. 1. The process is started when aloan or lease is initiated or after an event that causes repossession,such as a default. A description of the asset and the loan or lease isentered by an operator such as a lender's default staff into the system.As shown, after START at 302 the system receives the description of therecoverable asset. The description may include many differentproperties. Typically, the description will include a property toidentify the asset, such as a vehicle identification number or similarinformation, such as make, model, color, age, etc. The description willalso include some indication of the location of the asset, such as theaddress of the buyer or lessee or the last known location of the asset.

There are other properties that may also be useful to the system andincluded in the description, such as the condition of the asset, anyunique characteristics of the asset, information about how to repossessthe asset, and different locations of the asset at different times ofday. There may also be information about the loan or lease, such as theamount of time since the default, the type of loan (retail, fleet,subprime, etc.), the size of the payments, the amount that has been paidinto the loan, the agent that provided the loan, etc. There may also beinformation about the lender that is seeking repossession and about thebuyer that is in default, including name and contact information. Someof this information is important to conduct business transactions andsome or all of this information may be used to select a recovery agent.More or fewer properties may be included in the description of theasset, depending on the nature of the asset and the desired recoveryagent.

The description is entered in to a table, database or other recordsystem for asset records. Each asset record may include the descriptionand a current status. At this stage in the process, the status is indefault and pending recovery. The system may track the history of thestatus and use status changes as information about the records. Thedescription may have several different types of properties. One type isfixed characteristics, such as make and model. Another type isupdateable as it may change over time, such as condition, wholesalevalue, and location. A third type is status, such as pending recovery,assigned to particular agent, etc.

At 304 the system applies the description of the asset to criteria thatdescribe some number of candidate recovery agents. The system hasrecords for recovery agents. The recovery agents may be forwarders ordirect repossession agents or both. Both types of agents, among others,may be compared to each other by the system. The system maintains valuesfor each agent for different criteria. A table of agent criteria valuesor any other type of data store may be used to maintain this data. Someagents may not have a value for some of the criteria in which case aneutral value may be used as a default. Some helpful criteria include alocation or territory in which the agent is active, the recovery rate(the portion of assignments that are successful), the number of daysfrom assignment to recovery, a quality rating by lenders and byborrowers, regulatory compliance, certifications and licenses, pricing,capacity (number of current assignments compared to ability to performassignments), etc.

These properties of the asset are then compared to these criteria toselect a recovery agent at 306. There may be some properties that areapplied first as a constraint to limit the number of possible orcandidate agents. As an example, geography can be used to first limitall candidate agents to those within 100 km of the location of theasset. A white list or a black list may then be used to limit thosenearby agents to only include those on the white list or to excludethose on a black list. Capacity may be used to exclude those agents thatare already too busy to take on new assignments. The asset propertiesmay then be applied to a smaller list of candidate agents providing afaster and better selection. A variety of different factors and weightsmay be applied to the selection as described in more detail below.

Accordingly, criteria may be used in two ways, as a constraint to limitthe number of candidates or as a value for use in generating a score ora ranking. Location, for example, may be used in both ways, first tolimit the candidates to those nearby and then as part of the score torank the closest agents more highly. Make may be used as a constraint toexclude those agents that do not service a particular make. Time torecovery may be used as a value to score the faster agents more highly.In some embodiments, the system applies the constraints first to limitthe total number of candidates and then applies the values to generatescores. The system may receive instructions from the operator and thenselect the constraints based on these instructions. In otherembodiments, the system scores all agents and those that, for example,are far away from the asset, score very low.

Alternatively, the system may generate a list of recommended recoveryagents and provide the list to an operator. The list may be ranked basedon how each recovery agent scores for the particular asset. Theoperator, acting on behalf of the lender, may then select one of therecovery agents from the list. In some embodiments, the system mayproduce a confidence score for each recovery agent and provide thatscore with the list. The confidence score indicates the certainty of theranking. In some embodiments, the system may use the confidence score todetermine whether to present the list to the operator. If the confidencescore is high enough, then the assignment will be forwarded to therecovery agent automatically without any operator input.

After an agent is selected at 306, then at 308 the system assigns therepossession task for that asset to the selected agent. The system cando this directly or the lender or other operator may be alerted to doit. After the asset has been assigned, the system may perform additionaloperations, such as receiving an acknowledgement from the agent,alerting the lender, alerting the buyer and corresponding with any otherinterested parties.

In some embodiments, the system may alter the value of the capacitycriterion for the selected agent at 309. After the newly added asset hasbeen assigned to an agent, that agent is able to process one lessrepossession than before. The system can track this as the agent isassigned assets and as the agent recovers assets to maintain a currentcapacity value. In other embodiments, the capacity is based on periodicreports from the agent or others.

At 310 the system looks to determine if recovery status information hasbeen received. This may be a process maintained by checking incomingstatus information or by retrieving external status information. Therecovery status information may include whether or not the asset hasbeen recovered, the time, the current location of the asset, and in someembodiments, an update to the description of the asset to include anychanges to the asset, such as damage or wear and any previously unknowninformation such as accumulated miles drive.

If the asset has not been recovered then a timer may be used at 312 torecheck the status after an interval. In some embodiment, the timer maybe used to determine whether to request a status from the agent or toreassign the asset to a different agent, since the current agent istaking too long. If the current agent is too slow then the process mayreturn to 306 to select a new agent. In some embodiments, the processmay go to 313 for other services to find the asset or the purchaser.This information may then be provided to the same agent or a new agent,depending on the circumstances. As examples license plate recognitionservices may be used to see if a car's license plate has been seen inpublic areas. Skiptrace may be hired to find the buyer. An investigatormay be hired to find the buyer or the asset. Any information from otherservices may help the agent to find the asset. This information may beprovided to the selected agent or to a new agent by the system in orderto speed the recovery.

In the automobile industry, an automobile is worth more if it is newer.In addition, the lender has losses for each day that any capital isextended to a debtor in default instead of being invested in somethingthat provides a return. Finally, the longer an automobile is possessedby a debtor in default, the more likely it is that the automobile willbe moved or damaged. These and other factors all provide urgency to therecovery and remarketing process. As a result, the timer may be used andrecovery agents may be ranked at least in part on how quicklyautomobiles are recovered.

If the asset has been recovered, then at 314 recovery status informationis used to update any of a variety of different recovery agent criteria.This will depend on the criteria that are maintained by the system. Thecapacity of the agent may be increased by one, the time to recovery maybe updated using the time for this recovery. Reactions from the buyermay be used to update quality criteria. Recovery rate, pricing and othercriteria may also be updated. The process then returns to the start forthe next asset.

After the agent has succeeded in recovering the asset, then the assetinformation originally loaded at 302 may also be updated. The receivedupdates may include current mileage, any changes in condition, thecurrent location of the automobile, and any other updates to thedescription of the automobile. This updated description is also storedin the asset status table and is available to be applied to determininghow to best recover the value of the automobile as show in FIG. 4. Asexamples, the automobile may be remarketed by auction or by direct saleto a dealer or sold for salvage. There may be other remarketingpossibilities as well that are not shown here for simplicity.

FIG. 4 is a process flow diagram of how the system can select aremarketing agent. The remarketing agent is an agent to sell the assetafter it is recovered. The remarketing agent may be a particular auctionhouse, a particular auction, or a separate agent that uses auctions andother techniques to sell the asset. In some cases, the system may selectthe best remarketing agent. Once a remarketing agent is selected, thesystem may select the best auction for the remarketing agent to use. Inanother example, the system may first choose the auction and then theremarketing agent based on the selected auction. In any event, theselection is similar and relies in part on the nature of the asset, thelocation where the best price can be obtained, and the distance of theasset from that location. As an example, a four wheel drive truck mayhave more value in the North, while a rear wheel drive truck may havemore value in the South. As a further example, a convertible may sellfaster in New England in the summer but in the South in the winter.

The system can utilize data from all aspects of the entire workflow, asshown for example in FIG. 2, to create the best outcome. The remarketingand auction selection can influence the selection of the originalrecovery agent. The best recovery agent in the vicinity of the bestauction may be the best selection for some assets. The decision abouthow to remarket the recovered asset may be made by default based on thelender or type of car or based on a variety of different criteria in amanner similar to the recovery agent selection.

To select an auction house, the updated asset information, such as adescription of the vehicle and its location are applied to a set ofcriteria for different candidate auction houses. Typically the systemselects an auction house that is near the automobile and that obtainsgood prices for the particular type of automobile. However, by usingmultiple criteria and by weighting the criteria, a more intelligentresult may be obtained.

Turning to the process flow diagram, the selection of a remarketingagent begins at the start with receiving a description of a recoveredasset at 322. This may be the same description as at the start of FIG. 3or an updated description with any new or changed information about theasset that can be found after the asset is recovered. As mentionedabove, the asset may have accumulated additional miles, moved to adifferent location, or have been damaged or modified in some way. Inaddition, the original information may be inaccurate so that withpossession of the actual asset, the description can be confirmed orcorrected. This information will typically be provided by the forwardingor recovery agent. If possession of the asset has been turned over tosomeone else, then the receiver of the asset may enter the additional,updated, or corrected information. An assessor may also be used toprovide additional information regarding condition and estimated salesprice.

At 324 the description is applied to criteria for candidate marketingagents. Some of these criteria are the same types of criteria but withdifferent values due to the differences between recovery andremarketing. These criteria may include location and value of the asset,legal compliance, capacity, ratings, etc. Other criteria may bedifferent, such as sales performance in the location, seasonal effectsat the location, transportation costs to reach the remarketing agent,etc. Some of the criteria may be applied as constraints. Some of thecriteria may be applied as scoring values. Some of the criteria may beapplied in either way based on operator preferences.

The description is applied to the criteria so that at 326 the systemselects a marketing agent. At 328, the asset is assigned to the selectedagent. The agent is then notified and the asset is transferred to theremarketing agent. The system may also notify the lender of the updatedstatus by which the asset has been transferred to the marketing agent.The capacity data for the remarketing agent may also be updated toreflect the additional assignment.

Having received the assignment, the remarketing agent seeks to sell ortransfer the asset to obtain a return for the lender. The remarketingagent may select an auction or the system may assign an auction for theremarketing agent to use. The remarketing agent may alternatively sellthe asset to a dealer or end customer directly. The remarketing agentmay offer the asset at several different auctions or to severaldifferent customers before obtaining a sale.

At 330 the system looks to determine whether sales status informationhas been received and, for a sale, whether the floor price has been met.This may be driven by a timer, by a user request or any other way. If nostatus information has been received, this may be because theremarketing agent has failed to report or because the remarketing agenthas failed to sell the asset. A timer may be used at 312 so that theasset is reassigned after some amount of time. If the timer has expired,then the system returns to 326 to select another remarketing agent. Astatus inquiry may also be sent to the current remarketing agent firstto determine whether the asset has been sold. The current agent may havemultiple runs at one or more auctions trying to sell the vehicle beforea timer would expire causing a new remarketing agent to be selected. Thetimer may be set to the time of the next auction by the auction house orto some other value.

If the automobile is instead to be remarketed in some other way afterthe timer expires, then a different type of reseller may be selected andthe automobile is transferred to the newly selected reseller. In somecases, the asset may be sold to the reseller, the sale is reported andthe funds are transferred from the reseller to the lender. The resellermay be an agent that acts on behalf of particular purchasers, a dealer,a parts salvage operation, or a variety of other resellers.

If recovery status information has been received, then at 334 thecriteria values for the marketing agent criteria can be updated usingthe new recovery status information. This kind of information mayinclude capacity, time to sell, pricing, etc. In addition, the assetdescription may be updated to indicate when, where, and how the assetwas sold and for what price. The lender may also be notified of theupdated status so that the lender can expect to recoup the value of theasset. With the asset sold, the system returns to process another asset.

FIG. 5 is a process flow diagram of selecting an agent or auction houseof any type as described above. This process may be used as an expansionof operations 304 and 324 above. The system performs maintenance ofmultiple tables at 340. These tables include weights, preferences,criteria values, etc. Before beginning a new agent selection, the systemmay receive updated preferences, weights, etc. from the requestingagent. An example form for receiving preferences from an operator isshown in FIG. 8.

With the tables maintained, the system is ready at 342 to receive adescription of an asset including asset properties. The asset may be anasset in default or a recovered asset for remarketing.

In some embodiments, the system may then select a set of candidateagents at 344 from all of the agents in the system. The candidate agentsmay come from a list of preferred agents from the requesting agent or itmay be a set of agents that are selected by applying a criterion valueas a constraint. As an example, the candidates may be those that have alocation near the asset. In other words, the asset location may be usedas a constraint to limit candidate agents to those within some selecteddistance from the asset. The selected candidate may also or in additionbe a set of agents that perform well with the particular asset based ona make constraint, a placement type constraint, a price constraint, etc.Agents may perform well because they are in a location in which theassets are in demand, or because they have a particular aptitude for aparticular type of asset or a particular type of defaulting borrower orlessee.

At 346 the system compares a property in the received description tovalues for a corresponding pre-defined criterion for each candidateagent. This comparison is used to generate a score for each criterionfor each candidate agent. As an example, if a description property forbrand includes the value “Buick” and the candidate agent includes thevalue “Buick” for capable brands, then a score is generated to show thatthere is a match. This continues until all of the relevant criteriavalues are scored. The operator may select criteria to include andcriteria to exclude.

In some cases the requester will provide preferences in which certaincriteria are considered more important than other criteria. For examplea particular requester may consider price to be more important than thenumber of days to recover. As a result at 348 the score for price willbe weighted for example by multiplying the score for that criterion by afactor greater than 1. The values for each criterion are normalized sothat at 350 the scores for each criterion may be added together toobtain a score for each agent. At 352 the total for each agent may becompared to select the agent among the candidate agents that has thebest score.

In some cases, the requester may also provide preference factors forparticular agents. These preference factors may be used at 351 to weightthe scores before a particular agent is selected. As an example, therequesting agent may prefer to work with a particular agent thatprovides better service. The system will increase the score for thatagent but not simply select that agent. If the preferred agent, forexample, is too busy, then another agent that is less busy may have ahigher score even after the preference factor is applied. In that case,the less busy agent is selected.

FIG. 6 is a block diagram of a computer system 600 representing anexample of a system upon which features of the described embodiments maybe implemented, such as the system 100 of FIG. 1. The computer systemincludes a bus or other communication means 601 for communicatinginformation, and a processing means such as one or more microprocessors602 coupled with the bus for processing information. The computer systemfurther includes a cache memory 604, such as a random access memory(RAM) or other dynamic data storage device, coupled to the bus forstoring information and instructions to be executed by the processor.The main memory also may be used for storing temporary variables orother intermediate information during execution of instructions by theprocessor. The computer system may also include a main nonvolatilememory 606, such as a read only memory (ROM) or other static datastorage device coupled to the bus for storing static information andinstructions for the processor.

A mass memory 608 such as a solid state disk, magnetic disk, disk array,or optical disc and its corresponding drive may also be coupled to thebus of the computer system for storing information and instructions. Thecomputer system can also be coupled via the bus to a display device ormonitor 614 for displaying information to a user. For example, graphicaland textual indications of installation status, operations status andother information may be presented to the user on the display device.Typically, an alphanumeric input device 616, such as a keyboard withalphanumeric, function and other keys, may be coupled to the bus forcommunicating information and command selections to the processor. Acursor control input device 618, such as a mouse, a trackball, trackpad,or cursor direction keys can be coupled to the bus for communicatingdirection information and command selections to the processor and tocontrol cursor movement on the display.

A communication device 612 is also coupled to the bus. The communicationdevice may include a wired or wireless modem, a network interface card,or other well-known interface devices, such as those used for couplingto Ethernet, token ring, or other types of physical attachment forpurposes of providing a communication link to support a local or widearea network (LAN or WAN), for example. In this manner, the computersystem may also be coupled to a number of clients or servers via one ormore conventional network infrastructures, including an Intranet or theInternet, for example.

The mass memory may be used to store several different tables asdiscussed above. An agent criteria values table 622 contains values foreach criterion for each agent. There may be different tables fordifferent types of agents, such as recovery agents, forwarding agents,remarketing agents, etc. or a single table for all data. In some cases,some of the values are a default value or are blank. A requester weightstable 624 contains weights for each agent from each requester. There maybe different tables for different types of agents. If a requester doesnot provide weights or does not provide weights for each agent, thensome of the weights may be a default, blank, or neutral, e.g. a factorof 1. A requester criteria preferences table 626 contains a preferencefactor for each criterion for each requester. There may be differenttables for different sets of criteria. Again a requester may not provideany or all preference factors so that the table may contain neutral orblank values. In addition an asset description and status table 628 maybe used to track information about each asset.

The described tables may be stored as two-dimensional tables, as textfiles with metadata, or in any other desired way. The data from theasset status table 628 is applied against the other tables by theprocessor in response to commands from the user interface 614, 616, 618as described. The system may also be operated or accessed remotelythrough the communications interface.

The system of FIG. 6 further includes an AI (Artificial Intelligence)engine. This may be implemented in dedicated hardware using parallelprocessing or in the processor 602 or using some combination ofresources. The AI engine may also be external to the server system 600and connected through a network node or some other means. The AI enginemay be configured to use historical data accumulated by the serversystem to build a model that includes weights and criteria to apply tothe selection processes. The model may be repeatedly rebuilt using theaccumulated data to refine and increase accuracy.

The AI engine has access to the asset status and other tables 622, 624,626, 628 and compares results to find patterns in prior assetrecoveries. These patterns are then stored in the AI engine forapplication to new assets. Upon entering a new asset into the assettable, the operator may then operate the AI system to select a recoveryagent, remarketing agent, or auction house that is most likely toachieve a desired result. The operator can request that the AI systemselect the agent that will provide the best price, highest ratings,fastest delivery or any other particular result for the particularasset. The AI engine also adjusts the criteria and the weights that areused. When some criteria are found to be ineffectual then they areremoved from the agent criteria values table. When other criteria arefound to be helpful, then they are added.

FIG. 7 is a diagram of an AI engine 630 suitable for use with thepresent selection server system. In the illustrated example historicalresults 632 are collected from the asset status tables 628. Anyadditional data may be included so that more data is included in thedataset. The choice of data to include may be modified to suit theparticular results and the type of data available. The historicalresults may be first scaled or normalized to become scaled data 634.This data is then parsed or separated into a training set 635 and avalidation set 636. There is variety of different ways to parsehistorical data and the approach may be adjusted until suitable resultsare obtained.

The training set is applied to develop a selection model 638. On theother hand the validation set is used to validate and adjust the model.After the model is developed on the training set 635, the model isapplied to the validation data 636. The results are compared to thedesired results in a model validation operation 640 and the model isadjusted accordingly. This model may then be sent to the server systemor used by the server system as a part of the selection engine that isexecuted by the processor 602. The selection model 638 may be stored inthe mass memory 608 or as instructions in some other part of the system.The AI engine 630 may be connected to the asset status tables so thatthe selection model is improved periodically as more data is obtained.

A lesser or more equipped computer system than the example describedabove may be preferred for certain implementations. Therefore, theconfiguration of the exemplary computer system will vary fromimplementation to implementation depending upon numerous factors, suchas price constraints, performance requirements, technologicalimprovements, or other circumstances. The computer system may beduplicated in different locations for distributed computing. As anexample, the system may use a simple pre-programmed deterministicselection model instead of an AI model and the AI engine.

FIG. 8 is a diagram of a remote graphical user interface 802 that may beprovided on a requester's console to allow the requester to makeselections. These selections may then be used to populate the requestercriteria preferences. In this example, the requester has a drop downpick list 820 at the bottom of the view to identify an owner of theasset, such as a lender. Another drop down pick list 804 is labeledmarketplace, and allows the requester to select how the agents are to beranked. In this example, the agents will be ranked based on performance.Different pick lists may be provided for forwarders, assessors, auctionhouses, or other agents that are to be selected.

Additional drop down pick lists are provided to allow the requester torank or constrain various criteria, such as the importance to theselection of recovery percentage 806, days to recover 808, asset type810, capacity 814, case type 816, and placement 818. In this example,the requester can weight the importance of each factor as high, medium,or low. The requester may also designate a maximum distance 812 from thelocation of the asset. With these selections, the system stores theselections in the requester agent weights table 624 for use in applyinga description of an asset from the requester designated at 820 to thecriteria values. The performance ranking is a further stored preferencefor the requester. The system uses the weights and preferences topresent a ranked list of agents distributed by performance. Therequester or the system may then select an agent from the list.

FIG. 9 is a diagram of a remote graphical user interface 840 forentering other parameters. In this case, the requester may establishdifferent scenarios that may be applied to different types of assets.The system allows different scenarios to be programmed for ease ofreference. The requester may then use a pick list 844 to select apreconfigured scenario or to build a new scenario. In this scenariolabeled as 1, the requester can set timers for assigning license platerecognition to find the asset 846, for assigning skiptrace to find theborrower 848, for reassigning the asset to another agent 850, and forreassigning the asset to another marketplace 852. Such an interfaceallows the requester to establish preferred ways of handling differenttypes of assets. These preferences may also be stored in the system 600.

While drop down pick lists are shown, the requester may be provided withany other desired interface. The requester may begin with a set ofdefault values and then be provided options to modify these preferencesbased on experience. Alternatively, all of the options may be handled byan operator on behalf of the requester.

While the steps described herein may be performed under the control of aprogrammed processor, in alternative embodiments, the steps may be fullyor partially implemented by any programmable or hard coded logic, suchas Field Programmable Gate Arrays (FPGAs), TTL logic, or ApplicationSpecific Integrated Circuits (ASICs), for example. Additionally, themethods described herein may be performed by any combination ofprogrammed general purpose computer components or custom hardwarecomponents. Therefore, nothing disclosed herein should be construed aslimiting the present invention to a particular embodiment wherein therecited steps are performed by a specific combination of hardwarecomponents.

In the present description, for the purposes of explanation, numerousspecific details are set forth in order to provide a thoroughunderstanding of the present invention. It will be apparent, however, toone skilled in the art that the present invention may be practicedwithout some of these specific details. In other instances, well-knownstructures and devices are shown in block diagram form. The specificdetail may be supplied by one of average skill in the art as appropriatefor any particular implementation.

The present description includes various steps, which may be performedby hardware components or may be embodied in machine-executableinstructions, such as software or firmware instructions. Themachine-executable instructions may be used to cause a general-purposeor special-purpose processor programmed with the instructions to performthe steps. Alternatively, the steps may be performed by a combination ofhardware and software.

The described operations may be provided as a computer program productthat may include a machine-readable medium having stored instructionsthereon, which may be used to program a computer (or other machine) toperform a process according to the present invention. Themachine-readable medium may include, but is not limited to opticaldisks, CD-ROMs, and magneto-optical disks, ROMs, RAMs, EPROMs, EEPROMs,magnet or optical cards, flash memory, or any other type of mediumsuitable for storing electronic instructions. Moreover, the presentinvention may also be downloaded as a computer program product, whereinthe program may be transferred from a remote computer to a requestingcomputer by way of data signals embodied in a carrier wave or othermachine-readable propagation medium via a communication link (e.g., amodem or network connection).

Importantly, while embodiments of the present invention are describedwith reference to selecting agents for recovery and remarketing, themethod and apparatus described herein are equally applicable to othertypes of agents for other aspects of recovering physical assets. Forexample, the techniques described herein may be useful in connectionwith recovery of recreational vehicles, boats, planes and other movableassets used as collateral to secure a loan or lease.

Some embodiments described herein pertain to a method that includesreceiving a description at a server system of a physical asset that isto be recovered for lack of payment, the description including alocation of the physical asset and a type of the physical asset,applying the description to a pre-defined set of criteria at the serversystem to select a recovery agent to recover the physical asset, each ofa plurality of candidate recovery agents having values assigned to thecriteria, the criteria including location of the respective agent,recovery rate of the respective agent, and time to recover by therespective agent, receiving recovery status information at the serversystem as to whether the asset has been recovered by the selected agent,and updating the recovery rate value of the selected recovery agentusing the recovery status information.

Some embodiments described herein pertain to a non-transitorymachine-readable medium comprising a plurality of instructions, executedon a computing device, to facilitate the computing device to perform oneor more of any of the operations described in the various embodimentsherein.

Some embodiments pertain to an apparatus that includes a communicationsinterface of a server system to receive a description of a physicalasset that is to be recovered for lack of payment, the descriptionincluding a location of the physical asset and a type of the physicalasset and to receive recovery status information at the server system asto whether the asset has been recovered by a selected agent. Theapparatus further includes a memory to store values assigned to criteriafor each of a plurality of candidate recovery agents, the criteriaincluding a location of the respective agent, a recovery rate of therespective agent, and a time to recover by the respective agent, and aprocessing device to facilitate applying the description to apre-defined set of the stored criteria at the server system to select arecovery agent to recover the physical asset, and to update the recoveryrate value of the selected recovery agent using the recovery statusinformation. The apparatus may further include an artificialintelligence engine to add a criterion to the pre-defined set ofcriteria using patterns in previous recoveries and to perform any of avariety of other functions and operations.

Although this disclosure describes some embodiments in detail, it is tobe understood that the invention is not limited to the preciseembodiments described. The specification and drawings are, accordingly,to be regarded in an illustrative rather than a restrictive sense.Various adaptations, modifications and alterations may be practicedwithin the scope of the invention defined by the appended claims.

What is claimed is:
 1. A method comprising: receiving a description at aserver system of a physical asset that is to be recovered for lack ofpayment, the description including a location of the physical asset anda type of the physical asset; applying the description to a pre-definedset of criteria at the server system to select a recovery agent torecover the physical asset, each of a plurality of candidate recoveryagents having values assigned to the criteria, the criteria includinglocation of the respective agent, recovery rate of the respective agent,and time to recover by the respective agent; receiving recovery statusinformation at the server system as to whether the asset has beenrecovered by the selected agent; and updating the recovery rate value ofthe selected recovery agent using the recovery status information. 2.The method of claim 1, further comprising sending a request to recoverthe physical asset from the server system to the selected recovery agent3. The method of claim 2, wherein the criteria includes capacity, themethod further comprising: updating the capacity of the selected agentin response to sending the request; and updating the capacity of theselected agent in response to the recovery status information.
 4. Themethod of claim 1, wherein the recovery agent is a forwarding agent thatforwards the request to a repossession agent selected by the forwardingagent.
 5. The method of claim 1, wherein applying the descriptioncomprises comparing the description to each pre-defined criterion foreach candidate recovery agent to generate a score for each criterion foreach candidate recovery agent, weighting each score, and adding theweighted scores for each candidate recovery agent and wherein selectingthe recovery agent comprises selecting the candidate recovery agent withthe best score.
 6. The method of claim 5, wherein receiving adescription comprises receiving the description from a requesting agentthat seeks recovery of the physical asset, the method further comprisingreceiving weights for at least some of the scores from the requestingagent.
 7. The method of claim 5, wherein receiving a descriptioncomprises receiving the description from a requesting agent that seeksrecovery of the physical asset, the method further comprising receivinga preference factor for at least one of the candidate recovery agentsfrom the requesting agent, and applying the preference factor to adjustthe score of the corresponding recovery agent.
 8. The method of claim 5,wherein applying the description further comprises first applying aconstraint using the location of the physical asset to limit candidaterecovery agents to those within the constraint.
 9. The method of claim1, wherein the criteria include quality data from debtors regardingrecovery agents.
 10. The method of claim 1, further comprising comparingthe received recovery status information to a timer and if the physicalasset is not recovered after expiration of the timer, then repeatingapplying the description to a pre-defined set of criteria and selectinga different recovery agent based on the comparison.
 11. The method ofclaim 9, wherein receiving a description comprises receiving thedescription from a requesting agent that seeks recovery of the physicalasset, the method further comprising sending an alert to the requestingagent.
 12. The method of claim 1, wherein the payment is against a loanand wherein the asset description further includes a type of the loan.13. The method of claim 1, further comprising: receiving a descriptionof the physical asset after recovery, the description including locationof the physical asset upon recovery and condition of the physical asset;and applying the description to a pre-defined set of remarketingcriteria to select a market, each of a plurality of markets havingvalues assigned to the criteria the remarketing criteria includinglocation of the market and sales performance of the respective market.14. The method of claim 1, further comprising applying an artificialintelligence engine to add a criterion to the pre-defined set ofcriteria using patterns in previous recoveries.
 15. A non-transitorymachine-readable medium comprising a plurality of instructions, executedon a computing device, to facilitate the computing device to perform oneor more operations comprising: receiving a description at the computingdevice of a physical asset that is to be recovered for lack of payment,the description including a location of the physical asset and a type ofthe physical asset; applying the description to a pre-defined set ofcriteria at the computing device to select a recovery agent to recoverthe physical asset, each of a plurality of candidate recovery agentshaving values assigned to the criteria, the criteria including locationof the respective agent, recovery rate of the respective agent, and timeto recover by the respective agent; receiving recovery statusinformation at the computing device as to whether the asset has beenrecovered by the selected agent; and updating the recovery rate value ofthe selected recovery agent using the recovery status information. 16.The medium of claim 15, wherein applying the description comprisescomparing the description to each pre-defined criterion for eachcandidate recovery agent to generate a score for each criterion for eachcandidate recovery agent, weighting each score, and adding the weightedscores for each candidate recovery agent and wherein selecting therecovery agent comprises selecting the candidate recovery agent with thebest score
 17. The medium of claim 16, wherein receiving a descriptioncomprises receiving the description from a requesting agent that seeksrecovery of the physical asset, the method further comprising receivingweights for at least some of the scores from the requesting agent. 18.The medium of claim 16, wherein receiving a description comprisesreceiving the description from a requesting agent that seeks recovery ofthe physical asset, the method further comprising receiving a preferencefactor for at least one of the candidate recovery agents from therequesting agent, and applying the preference factor to adjust the scoreof the corresponding recovery agent.
 19. An apparatus comprising: acommunications interface of a server system to receive a description ofa physical asset that is to be recovered for lack of payment, thedescription including a location of the physical asset and a type of thephysical asset and to receive recovery status information at the serversystem as to whether the asset has been recovered by a selected agent; amemory to store values assigned to criteria for each of a plurality ofcandidate recovery agents, the criteria including a location of therespective agent, a recovery rate of the respective agent, and a time torecover by the respective agent; a processing device to facilitateapplying the description to a pre-defined set of the stored criteria atthe server system to select a recovery agent to recover the physicalasset, and to update the recovery rate value of the selected recoveryagent using the recovery status information.
 20. The apparatus of claim19, further comprising an artificial intelligence engine to add acriterion to the pre-defined set of criteria using patterns in previousrecoveries.